India Microfinance

The state governments of Punjab and Haryana have agreed to include financial literacy in the school curriculum. This was in response to the Reserve Bank of India Governor Dr. D. Subbarao’s suggestion to the government of Punjab and Haryana in separate meetings with the officials of both the state governments.

Financial literacy is the flip side of financial inclusion, the Governor said and urged the state governments of Punjab and Haryana to consider including financial literacy in the school curriculum. He was in Chandigarh for the meeting of the Central Board of the Reserve Bank of India.

The Central Board of the Reserve Bank of India met last week in Chandigarh. The meeting reviewed key economic, monetary and financial developments. The Central Board of Directors of the Reserve Bank meets at least once every quarter. The Board has scheduled meetings in Mumbai, Chennai and Kolkata each year. The post-budget meeting of the Board, traditionally held in New Delhi, was held in Mumbai this year in view of the Platinum Jubilee of the Reserve Bank and was addressed by the Union Finance Minister. The other meetings of the Board are held in the remaining state capitals by rotation. The main function of the Central Board of the Reserve Bank is to provide overall direction to its affairs.

While in Chandigarh, the Governor also met the Chief Minister of Haryana Shri B S Hooda and the Deputy Chief Minister of Punjab Shri Sukhbir Singh Badal. He briefed them about the general economic situation in the country. Highlighting the importance of financial inclusion in overall economic development, the Governor desired that the State Governments support the Reserve Bank’s financial l inclusion and financial literacy drives.

The Governor also met the state government officials and bankers in Punjab and Haryana and discussed issues of mutual interest, such as, electronic benefit transfer and financial inclusion, debt swap scheme and counterfeit currency notes. He also urged that the State Government and the bank officials should use the forum of State Level Bankers Committee more effectively.